They've gotta hope they get to cheap AGI, though.

Any stall in progress either on chips or smartness/FLOP means there's a lot of surplus previous generation gear that can hang and commoditize it all out to open models.

Just like how the "dot com bust" brought about an ISP renaissance on all the surplus, cheap-but-slightly-off-leading-edge gear.

IMO that's the opportunity for a vibrant AI ecosystem.

Of course, if they get to cheap AGI, we're cooked: both from vendors having so much control and the destabilization that will come to labor markets, etc.